pendle is 69.1% ethena assets by TVL. ethena is 88% treasury bills by collateral. pendle became an onchain T-bill fixed rate market. PT-sUSDe hit $136m on aave the moment it was listed against a $200m cap. 3.5-3.7% fixed yields with $69m liquidity. this is not the same protocol that was printing 40% yields on leveraged restaking points in 2024. it's municipal bond infrastructure now. the question is whether pendle's valuation reflects a high-growth DeFi primitive or a fixed income routing layer for 3.5% T-bill yield. those are very different multiples.
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